GPS tracker devices have been used for many years to track and identify the location of vehicles. Today, these trackers have been developed with modern technology that can provide various applications with their special features. Tracker device systems can be used for surveillance through GPS pinpoint positioning and to gather all kinds of information including diagnostics, idle time and speed. This offers road users and fleet managers more safety, security and convenience.
The future of the tracker device market
It is expected that the global GPS tracking device market will reach an estimated $2.4 billion by 2025 and $3.4 billion by the end of 2027. That is a growing rate of 9.0% from 2021 to 2027. The major reason for this is growth in the transport and logistics industry. Other market drivers include lower prices of GPS devices, the adoption of intelligent transport systems and safety and security concerns within transportation services.
Trends in the market
The latest trend in the tracker device market is the growth in the commercial vehicle industry leading to the development of new and innovative GPS systems. They are designed to be smaller in size, easier to carry and relatively low in cost. This also makes it easier for small- and medium-sized businesses to deploy them.
These trends have led to expanding its consumer base over the years. The transport industry is a key consumer of these products with trucks, buses, freights, and cars owned by businesses fitted with tracking systems.
In the future, enhanced speed, high capacity and low latency will increase the performance of GPS tracking device systems specifically for route planning and vehicle movement. Another factor that will keep increasing demand is the fast and efficient installation of these devices across a variety of transport systems.
The demand for tracking systems is causing major players to use various strategies to increase their footprints in this fast-growing market. Some of these strategies include clinical trials, new product launches, market initiatives, research and development efforts, joint ventures, partnerships, acquisitions, and more.
Looking to the future
The GPS tracking device market has grown rapidly within the past years and this trend is predicted to continue following a similar trend until 2027. An increase in fleet operations and the rise in the adoption of intelligent transport systems are the prime driving factors of this growth.
Matrix’s position in the market
Matrix has grown to become a leader in vehicle tracking and stolen vehicle recovery products for South African road users. Through our consistent innovation in vehicle tracking, we have developed the largest range of features to add value to the lives of our customers. Browse our tracking devices now.